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Johannesburg - Sanlam [JSE:SLM] subsidiary Sanlam Health has resolved a legal dispute with two medical aid schemes administered by the firm until December 1997.
Topmed and Selfmed had instituted legal action against Sanlam Health, claiming that they were entitled to share in profits accumulated by Sanlam Health during the period May 1975 to December 1997.
The merit and quantum of the claims were referred for arbitration.
Based on a final ruling received from the arbitrators, Sanlam has now made payments of R458m and R129m to Topmed and Selfmed respectively in full and final settlement of the matter.
"The payments were made from provisions recognised for this purpose in previously reported financial periods and will not have an impact onSanlam's reported results for the 2010 or 2011 financial years," Sanlam said on Monday.
Topmed and Selfmed had instituted legal action against Sanlam Health, claiming that they were entitled to share in profits accumulated by Sanlam Health during the period May 1975 to December 1997.
The merit and quantum of the claims were referred for arbitration.
Based on a final ruling received from the arbitrators, Sanlam has now made payments of R458m and R129m to Topmed and Selfmed respectively in full and final settlement of the matter.
"The payments were made from provisions recognised for this purpose in previously reported financial periods and will not have an impact onSanlam's reported results for the 2010 or 2011 financial years," Sanlam said on Monday.
